委托代理框架下企业知识转移及其参数模型

基于委托代理理论,企业可分为决策层、经营层、执行层、竞争者、债权人、客户等六个层次。企业各层次对知识转移的动机不同,在衡量企业各层次知识转移效率时应根据其各自的地位、属性及环境的差异对影响知识转移的各个参数赋予不同的权重。本文同时给出了企业知识转移的通用参数模型。     

从委托代理关系评析国企经理人的激励机制

国有企业自身的特殊性决定了其委托-代理问题的特殊性，进而决定了在国有企业建立有效的经理人激励机制的复杂性。本文在对国有企业委托代理关系分析的基础上，进一步阐述了国有企业经理人激励机制存在的问题。最後从物质激励、精神激励和竞争激励三个方面，提出国有企业经理人激励机制的改进建议。     

Skilled Labour and International Specialisation in OECD Countries

Human capital and skilled labour are likely to become increasingly important determinants of industrial localisation. This paper calculates the factor content—the services of skilled labour, classified by level of education, embodied in trade in manufactures—for a sample of OECD countries in 1970–85. USA and Japan show a strong ‘revealed comparative advantage’ in human capital intensive production. In general, OECD countries where highly educated labour is abundant tend to specialise in and export skill intensive goods. Changes in the ranking with respect to specialisation in skill intensive goods, in particular the strong improvement of Japans' position, seem to be linked to different rates of accumulation of human capital.     

基于博弈的国有粮食购销企业委托-代理关系的优化

在国有粮食购销企业委托-代理关系中,中央政府与地方政府之间是一种完全信息动态博弈,而政府与国有粮食购销企业之间是一种不完全信息动态博弈.要优化国有粮食购销企业的委托-代理关系,应合理划分中央政府与地方政府在粮食调控上的权责,有效改善国有粮食购销企业的激励机制和监督约束制度.     

试析委托—代理关系下房地产市场政策选择

委托—代理关系下,由于地方政府与中央政府在目标和利益上有时不一致,地方政府会采取能够使自身利益最大化的行动,从而使政策目标发生扭曲。＂中央—地方双向纠错机制＂意在唤醒基于公共精神的行政治理,注重公共利益。     

Trade Liberalisation, Closer Economic Relations and Intra-Industry Specialisation

Abstract
Much of the growth in trade among the industrialised countries, and more recently among countries in the Asia-Pacific region, has taken the form of intra-industry trade (HT). Australia has historically had one of the lowest shares of IIT among OECD countries. This article examines how Australia's IIT has changed in the 1980s in response to the process of trade liberalisation and completion of the Closer Economic Relations (CER) pact with New Zealand. HT indexes are estimated for Australia's multilateral and trans-Tasman trade for 1981 and 1991 for 132 industries using data at the 3 and 4-digit level of the Standard International Trade Classification (SITC). The results point to a sharp increase in the share of IIT for both multilateral and trans-Tasman trade. Industries that have undergone the largest reductions in protection levels have increased their shares of IIT quite considerably. Increased intra-industry specialisation suggests that the short-run adjustment costs associated with trade liberalisation are likely to be lower. If IIT continues to grow in response to the ongoing process of internationalisation of the Australian economy, then Australia's prospects for expanding its share of world trade are good.     

Technical Diffusion,Productivity Convergence and Specialisation in OECD Manufacturing

A panel data regression analysis investigates the issue of total factor productivity (TFP) convergence in OECD manufacturing during the period 1970–1995. The results imply: conditional β convergence, actual catching up and stronger convergence at a disaggregate level than at the level of manufacturing as a whole. The evolution of the standard deviation of the log of TFP shows that there is also evidence of σ convergence. The stronger convergence of TFP at a disaggregate level is explained by a high level of OECD manufacturing production specialisation, which is also shown to be very persistent. The degree of research specialisation is shown to be even higher and equally sticky. A correlation analysis shows that both specialisation patterns are related.     

公司高管薪酬与融资结构间的内生关系

本文将战略性财务风险管理因素引入融资契约缔约过程,通过模型证明公司融资结构符合高管和所有者基于各自利益的最优制度设计,高管薪酬和资本结构内生于公司的内部治理,影响二者间内生关系的因素主要来自公司盈利能力、公司治理结构和潜在的战略性风险管理能力等方面.设计灵活合理的高管薪酬体系可以在完善公司内部激励机制的同时促进最优资本结构形成,若与股权激励相结合,则资本结构可成为加强和完善高管人员激励约束机制的重要手段.     

Specialisation in key enabling technologies and regional growth in Europe

This paper explores the specialisation of European Union (EU) regions in key enabling technologies (KETs) and assesses whether or not being specialised in these technological areas has an effect on regional growth. The evidence presented shows that regions specialised in KETs are concentrated in central Europe; however, over the period taken into account (1996–2011), less innovative and peripheral EU regions have been increasing their specialisation in these technological areas at the expense of the most advanced regions. There is also evidence that (spatial) diffusion of KETs often occurs across regions contiguous to each other. The results of the econometric estimations show that being specialised in KETs affects regional economic growth (per capita gross domestic product) and that this effect is stronger in the case of less innovative EU regions. Overall, these results hint at the pervasive nature and enabling role of KETs and demonstrate the importance for EU regions to target these technologies as part of their smart specialisation strategies.     

植入“过度自信”因素的委托-代理合同研究

传统的委托代理关系研究假设委托人和代理人都是完全理性的,但大量研究表明,双方参与人并非完全理性,最显著的非理性表现就是过度自信。本文将行为经济理论与委托-代理理论相结合,把代理人过度自信的因素引入Holmstorm—Milgrom模型中,对代理人的参与约束条件进行了改进,建立了代理人过度自信情况下的委托-代理模型。研究结果表明,代理人的过度自信水平与代理人的绝对风险规避度和努力成本以及外生不确定性因素有关,代理人适当过度自信将给委托-代理双方带来更高的收益。     

植入"过度自信"因素的委托一代理合同研究

传统的委托-代理关系研究假设委托人和代理人都是完全理性的,但大量研究表明,双方参与人并非完全理性,最显著的非理性表现就是过度自信.本文将行为经济理论与委托一代理理论相结合,把代理人过度自信的因素引入Holmstorm-Milgrom模型中,对代理人的参与约束条件进行了改进,建立了代理人过度自信情况下的委托-代理模型.研究结果表明,代理人的过度自信水平与代理人的绝对风险规避度和努力成本以及外生不确定性因素有关,代理人适当过度自信将给委托-代理双方带来更高的收益.     

委托—代理治理模式的适用性及其问题

现代主流经济学往往把委托—代理关系视为一种普遍的社会存在,把委托—代理治理视为社会经济关系的基本治理机制,它要求：设计合理的合同激励经理或员工为股东利益服务,并以法律手段给予股东恰当的权利,赋予董事会监管经理的信托责任。但是,这种治理模式在实际应用中却会遇到很大的局限：1.在现实中纯粹的委托人和代理人往往是找不到的;2.委托—代理单向治理的效果取决于监督权的完善程度和法理基础;3.委托—代理机制隐含着＂委托人会自动履行其承诺＂的前提是不现实的;4.委托—代理治理机制在实践中应用也不像理论阐述的那样普遍。特别地,委托—代理治理机制在理论思维上也存在重大缺陷：它将两个行为主体割裂开来,而没有考虑到双方的整体性,忽视了作为协作系统构成要素地位的平等性,从而无法真正地增进企业组织的有效性。     

上市公司控制权结构与企业绩效间内生性关系研究

笔者通过对我国上市公司样本的实证分析,发现控制权结构与企业绩效之间存在显著内生性关系。在控制内生性影响以后,控制权结构与企业绩效负相关,公司控制权的分散有利于提升企业绩效;同时,企业绩效水平的提高对控制权的制衡也有很强的反馈作用。研究还发现,在中国资本市场,托宾Q值作为绩效评价指标比盈力能力更有效。     

委托代理理论与应计制政府预算及会计改革

委托代理理论是研究如何设计出委托人与代理人之间的最优契约关系,减少信息不对称所造成的代理成本,并使其控制在最佳水平。而在政府公共管理中,政府与社会公众、政府与社会之间在本质上就是一种契约关系和委托代理关系。本文对委托代理理论的相关原理、应计制、现金制会计基础和应计制政府预算与会计改革进行了阐述,并相应提出我国应计制政府预算改革的途径设想。     

行为委托-代理激励新模型及分析框架

标准委托-代理激励模型及分析框架沿袭新古典经济学中关于理性经济人、偏好不变、预期效用等基本假定,存在一些无法解释的现象和悖论。本文从行为经济学对主流经济学的新古典经济学基本假设的挑战出发,对标准委托-代理激励模型及分析框架中代理人完全理性和风险规避等基本假设所带来的缺陷进行了系统分析,探究了如何利用期望理论的价值函数替代期望效用函数、有限理性替代完全理性来构建新的委托一代理激励模型及分析框架。新模型和框架考虑了代理人的心理特征和非理性行为,将增强激励模型及分析框架对现实制度的解释力和适用性。     

The Effect of Specialisation on Banks' Efficiency: An International Comparison

This study analyses the effects of specialisation on the cost efficiency of a set of banking systems of the European Union over the period 1992–1998. Unlike in the established literature in which specialisation differences are not considered, in this paper cost inefficiencies are decomposed into two different components: the first is related to the inefficiency associated with the composition of specialisations in each banking system and the second is related to specific inefficiencies of banks within their specialisation. The results show the existence of high cost inefficiencies. However, the intra‐specialisation inefficiencies indicate that the inefficiencies of the European banking systems are much smaller when the effect of productive composition (specialisation) is discounted. This effect is much more evident in those banking systems specialised in the more costly types of business (retail banking) because their composition inefficiency is higher.     

中国金融体系选择与经济增长关系的比较研究--文献评述与一个简单内生增长模型的分析

本文对银行主导型金融体系与市场主导型金融体系促进经济增长优劣进行比较的实证文献进行综述,总结出四种观点及理论支持.基于内生增长模型对银行主导金融体系与市场主导金融体系对经济增长的促进作用进行比较分析,得出的结论是两种金融体系在促进经济增长上没有明显的优劣之分,但银行主导型金融体系在某些方面存在优势,因而作者认为目前中国银行主导型金融体系在促进经济增长上是有效的,强行将中介主导型金融体系转变为市场主导型金融体系的政策可能是误导的.     

基于内外生关系理论的企业专业化成长机制

根据企业内生与外生成长理论,基于世界银行对中国企业投资环境的调查数据,利用OLS与分位数回归重点研究市场集中度、融资成本和研发投入对企业专业成长的影响及其影响机制的差异性.融资成本对企业专业成长有显著负向作用,研发投入则正向促进企业专业成长,而市场集中度与企业专业成长呈现明显的“倒U型”关系特征:市场集中度对企业专业化成长的作用存在一个最优的临界水平;在该水平前,市场集中度对企业专业成长有显著正向效应;在该水平后,市场集中度的提升反而不利于企业专业化成长.     

Study on Principal-agent Mechanism in Chinese Private Enterprises

Based on the principal-agent theory, this paper analyzes the current situation and the developing trends of Chinese private enterprises. It points out the obstacles confronted by Chinese private enterprise in setting up the principal-agent mechanism and proposes the corresponding solutions to these problems.     

Structural Change in OECD Export Specialisation Patterns: de-specialisation and ‘stickiness’

This paper examines whether the OECD countries are characterised by a high degree of stability of their export specialisation patterns at the country level or not. Furthermore, we test whether the countries have become more or less specialised. In this context we distinguish between specialisation (or de-specialisation) in trade patterns on the one hand, and divergence (or, on the contrary, convergence) on the other. A specialisation process refers to a process in which specialisation intra-country becomes more dispersed (and counter-wise for de-specialisation). In contrast, a divergence process refers to a process in which countries become more different in terms of specialisation in a particular sector, across countries (and counter-wise for convergence). We examine the sensitivity for the level of aggregation, and we apply a period of nearly three decades from 1965 to 1992. Twenty OECD countries are considered. The intra-country results show that the national specialisation patterns are rather sticky, although there is a tendency for countries to de-specialise in the medium to long term. The sector-wise results display convergence both in terms of β-and σ-convergence. In conclusion, we discuss the results (de-specialisation in particular) in the context of economic integration, and furthermore we contrast the findings with similar exercises conducted on structural change in technological specialisation.